A 1,500 square foot office space is leased at $12.00 square foot. The space is vacant one month out of the year. Office expenses are $6.50 per square foot and an expense stop is set at $6.00 per square foot. What is the annual net operating income? (rounded to the nearest $50)

(A) $7, 450

(B) $6,750

(C) $15,750

(D) $8,250